Low gas prices are giving motorists a reason to celebrate July 4, with pump prices expected to hit their lowest level since 2021.
According to Statistics Netherlands, the average price of gasoline nationwide on Independence Day is expected to be $3.49 per gallon, the lowest it's been in three years on this peak travel holiday. Gas buddya platform for fuel economy.
That could mean serious cost savings compared to a few years ago for the 60.6 million motorists expected to drive into the city to celebrate the 20th anniversary. National holidayaccording to AAA.
Last year, the national average gas price was $3.50, just a penny higher than this year's forecast price. In 2022, the average gas cost was more than $1.30 higher than expected this year, driven up by The Russian invasion of Ukraine in February, causing oil prices to rise.
Where gas is cheapest
Gasoline prices have risen slightly since early June, when they fell to a low of $3.39 a gallon.
Still, fuel costs in some states are significantly lower than the current national average. In Washington, average gasoline prices are down 71 cents per gallon compared to a year ago.
“For those hitting the road to celebrate Independence Day, gas prices have been rising slightly lately, but in most states, prices are now at or well below year-ago levels,” Patrick De Haan, chief petroleum analyst at GasBuddy, said in a statement.
However, De Haan warned that hurricanes and other tropical weather conditions could disrupt refineries and cause prices at the pump to skyrocket later in the summer.
“While the first half of the summer has been relatively smooth, the road ahead could be bumpy. Activity in the tropics has increased and forecasts continue for a very busy hurricane season. Even after the holiday fireworks are over, we will be watching for potential fireworks at the pump that can be caused by hurricanes disrupting refineries,” he said.
How to save on fuel costs
For drivers looking to save money on their next road trip, there are ways to minimize fuel consumption while driving.
- Hard acceleration wastes fuel, while gentle acceleration saves gas. Toyota offers this tip: “Try to take about five seconds to accelerate your vehicle from a standstill to 15 miles per hour,” the automaker said.
- Sudden changes in speed can increase fuel consumption on the highway by as much as 30%, so try to maintain a steady pace, according to Toyota.
- Progressive, the insurance company, adds that newer cars tend to be more fuel efficient than older models. A quick service to clean your vehicle's clogged air filters will also help you get more efficient fuel economy and potentially save you money on gas.
- Check the tire pressure, as underinflated tires can reduce fuel consumption.
